The special committee on mutual funds: "credit card repayment" involves illegal cash and other problems

BEIJING, May 7 (Xinhua) -- The National Internet Financial Security Technical Expert Committee issued an announcement on the risk inspection of new Internet financial businesses, saying that recently, the National Internet Financial Risk Analysis Technology Platform (hereinafter referred to as "Technology Platform") found a business model combining "credit card repayment" and Internet finance.

The announcement points out that such businesses involve credit card cash violations, high fees charged by the platform, and information security of users' credit cards, and other issues, and the potential risks are a cause for concern.

The technology platform found that credit card repayment platforms mainly exist in the form of both websites and APPs, and there exist some platforms that operate both websites and APPs. The technology platform monitored more than 140 repayment platforms. The main business models are the "cash out loan" model, the platform repayment model and the credit card cash out model.

Example of a "cash out" platform. From the Internet Finance New Business Risk Inspection Bulletin.

The "cash-out" model

The repayment platform uses the time difference between the credit card billing date and the repayment date (all spending after the billing date is the next bill repayment amount, and all deposits before the repayment date are counted as current repayments), and the user only needs to deposit a small amount of money in the credit card, and the repayment platform recycles the funds back to the user, thus achieving the full repayment.

Specifically, the user needs to set the repayment period, number of repayments, repayment amount and other information before use, and pre-deposit part of the cash in the credit card, the repayment platform will be set up in accordance with the user's settings for the swipe-cashback cycle operation to set the user's consumption amount, and used to pay the current credit card bill, the current bill transition to the next month, the platform in the process to charge a certain fee (0.8-1% of the bill amount).

Example of a platform proxy model. From the Internet Finance New Business Risk Inspection Bulletin.

Platform proxy model

This model is essentially a platform payoff, but differs from model one in that the borrower no longer owes the credit card, but owes the payoff platform.

Specifically: the credit card repayment platform advances the user's credit card debt and acquires a claim on the user, who is required to repay the loan to the repayment platform on a regular basis. Technology platforms monitor user repayment cycles that can range from 1 week to 24 months, with monthly interest rates of around 0.55%-1%, while some platforms also charge monthly service fees of 0.1%-0.8% and 2%-3% fees.

Credit card cash out model

The user has multiple credit cards and uses the loophole of the interest-free period that exists for credit card purchases to cycle through multiple cards to maintain interest-free borrowing.

Specifically: by swiping Credit Card B on the platform, the platform charges a fee and returns the swipe to the user, who in turn can use the funds from Credit Card B to pay off Credit Card A.

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